The second floor toward the em bark dare row [spelling . ] and this is making it a great effect space. Again, heres another view looking east towards the bay principal and finally another view north towards Telegraph Hill. This is one of the last thing things that we will create on the site is the top p of San Francisco site and it will be prominent on our facility. So, this will be the view from Telegraph Hill of the building complete in phase one and residence for turnover to the americas cup phase one construction of the building is 80 complete right now and is on schedule for hand over to the Americas Cup Authority on march 2013. Phase two, construction drawings are about 95 complete and will be completed shortly. And the port will start phase two construction of the project and its scheduled for about nine months with substantial completion august 1st 2014 and final completion two months later and this work will clue finishing the remaining ports and including United States custom
Of the areas that needs attention in mission bay. As the as you heard so eloquently from david port staff isel contempt plating the develop of this park and the earn part of eastern part of city was cut off from bay access and so this is one of the a pennities that we strive to provide and so this development is contemporary plating 3. 5 million square feet of mixed use development and unto a thousand unit of residential and up to one. 7 million square feet of commercial office space with ground floor retail and approximately 2800 to 3,000 Parking Spaces with over 8pm acres of parking space and the proposed plan to to be flexible and this is a Phase Development that will happen as early as 20 scene, 207 in the initial phase and its hard to tell now what the right mix of office vs. Residential is so the zone something proposed to be flexible to respond to different market conditions. This china basin park proposals is one of the reasons why the giants the sea well lot 337 llc. , proposa
Residential is so the zone something proposed to be flexible to respond to different market conditions. This china basin park proposals is one of the reasons why the giants the sea well lot 337 llc. , proposal is receiving such positive tension its because of the attention they have given to the design of this water front open space. It would be 5acres the costs are high. We are looking at entirely newue tillity infrastructure new streets, sidewalks sidewalks and park locate and is improvements to pier 48 currently estimates at over 2 million in current 2,012 and this infrastructure is really needed to unlock the value of this site for the port and for development. Very significant this would be an entirely new city neighborhood with Significant Economic Development for the city as a whole and 5,000 construction jobs and over 7,000 permanent jobs on the site and 10,000 jobs regionally with up to 2,000 new residents so erail mentioned the fiscal analysis that we would do through fiscal
The a pennities that we strive to provide and so this development is contemporary plating 3. 5 million square feet of mixed use development and unto a thousand unit of residential and up to one. 7 million square feet of commercial office space with ground floor retail and approximately 2800 to 3,000 Parking Spaces with over 8pm acres of parking space and the proposed plan to to be flexible and this is a Phase Development that will happen as early as 20 scene, 207 in the initial phase and its hard to tell now what the right mix of office vs. Residential is so the zone something proposed to be flexible to respond to different market conditions. This china basin park proposals is one of the reasons why the giants the sea well lot 337 llc. , proposal is receiving such positive tension its because of the attention they have given to the design of this water front open space. It would be 5acres the costs are high. We are looking at entirely newue tillity infrastructure new streets, sidewalks
Costs in this project and so this policy is really going to attract huge a much larger amount of private investment than we have seen since the adoption of the private land units lan and to pay for critical city owned land use structure and with that, brad will talk you through the project. Thank you elane. And we do think that this is potentially a game changer for the port. I want to make one minor correction. We have not calculated yet the amount of i f d ass that are captured in pier 70 and it can be the location that we capture the tax increment and it could be that these projects will reach a billion dollars of investment from the i f d actual and that is 3 billion in private investment and you plus up to a billion dollar in public investment. Each of the project the term sheets for these projects are expected to be by the Port Commission by 2013 and then off to the board of supervisors for term sheet consideration and possible endorsement and then each of the project would be su